S. 10(34) : Dividend-Domestic companies-Tax on distribution of profits-Venture Capital Company-Entitle to [S. 10(38), 115O]

S. 2(22)(e) : Dividend-Deemed dividend-Accumulated profits-Loans from subsidiary-Assessable as deemed dividend.

S. 271(1)(c) : Penalty-Concealment-Show-cause Notice and penalty order not specifying the charge-Levy of penalty is held to be not valid. [S. 274]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Ten grounds raised, only three adjudicated-Order recalled for limited purpose of considering other grounds. [S. 254(1)]

S. 251 : Appeal-Commissioner (Appeals)-Duties-Dismissal of appeal after eight years of filing of an appeal for not mentioning the date of receipt of the order is not mentioned in Form No 35-CIT (A) ought to have issued defect memo and should have decided the appeal on merits after considering material on record-Matter remanded. [S. 250]

S. 234B : Interest-Advance tax-Incremental income pursuant to Advanced Pricing Agreement-Liable to pay interest.

S. 158BD : Block assessment-Undisclosed income of any other person-Failure to transmit material-Assessment framed void and quashed. [S. 132, 158BC]

S. 153A : Assessment-Search-Third person-Loose sheets pertaining to earlier years were found in third party premises-No inference could be drawn against assessee qua relevant assessment year-Theory of extrapolation-Not applicable on mere theoretical or hypothetical basis-Natural justice-Failure to provide an opportunity of cross examination the witness which the Department relied on-Addition cannot be made-Amalgamation-Assessing Officer framing assessment separately in name of Amalgamated Company, in spite of furnishing information-Order bad in law. [S. 68, 69C, 132]

S. 147 : Reassessment-Incriminating material found during search-Accommodation entries-Reassessment is held to be justified-Failure to prove identity of investor, its creditworthiness and genuineness of transaction-Addition Justified. [S. 68, 148]

S. 147 : Reassessment-Audit party note is not information-No failure to disclose material facts-Reassessment is not valid-The tax effect below prescribed limit-Appeal of department is dismissed. [S. 148, 253]